A look at 3 people mentioned for Sears CEO

(Crain's) -- Many names are being bandied about as candidates for the CEO spot at Sears Holdings Corp. now that Aylwin Lewis is leaving the post. The question is, who would really want the job?

(Crain's) -- Many names are being bandied about as candidates for the CEO spot at Sears Holdings Corp. now that Aylwin Lewis is leaving the post. The question is, who would really want the job?

Sears' new CEO, working with Chairman Edward Lampert, will have to deal with a parade of troubles -- including fixing up stores, finding a way to boost Sears' dwindling cash holdings and reversing the slump in same-store sales.

Sears "is a very difficult (company) to take over," says Walter Loeb, head of New York-based retail consultancy Loeb Associates Inc.

Sears reported a 99% drop in net income in the third quarter and warned that results for the fourth quarter ending Feb. 2 would also result in another big decline.

Pro: Considered the savior of J. C. Penney Co. while serving as chairman and CEO from 2000 to 2001. Headed other retail giants, including Federated Department Stores to Barney's New York Inc.

Con: Will want to maintain that record. ""He's a hero and icon. Why would he risk his reputation on a long shot like Sears?" asks Erik Gordon, associate dean at the Stevens Institute of Technology in New Jersey who studies retail trends.

Pro: Since his ouster from Gap Inc., he's done wonders for J. Crew. The apparel retailer generated almost $1.2 billion in revenue in fiscal 2006 on Mr. Drexler's watch -- up from the $766.3 million produced when he took over.

Con: Won't easily give up his 9.5% stake in J. Crew, whose stock has jumped 63% since its initial public offering in June 2006. "Drexler is a great merchant. He's doing very well at J. Crew," says Mr. Loeb.

Pro: Credited with playing a major role in turning around Penney's as chief of its stores, catalog and Internet unit. Passed over for CEO slot in 2004; joined New York-based private-equity firm Cerberus Capital Management L.P. in 2005 and left in 2007.

Con: Sears' problems may be more than even such a seasoned retail executive can fix. "She has good knowledge of the industry and the potential, but the position at Sears would be difficult challenge for her," says Mr. Loeb.